31st Jul 2015 09:12
LONDON (Alliance News) - Energy storage and clean fuel company ITM Power PLC on Friday reported a narrowed pretax loss for the year to the end of April on the back of higher revenue and a lower cost of sales.
ITM said its pretax loss for the financial year was GBP5.7 million, compared to a GBP7.8 million loss a year earlier. Revenue for the company increased to GBP1.6 million from GBP1.1 million, but its cost of sales fell to GBP1 million from GBP2 million, meaning it generated a gross profit of GBP590,000, compared to a GBP899,000 loss a year earlier.
ITM said its hydrogen output per stack rose by 50% in the year, while its stack costs fell by 26%.
"This has been a very busy time for the company. Customer engagement with our products is at an all-time high. The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel," said Chief Executive Graham Cooley.
Shares in ITM were down 3.1% to 23.5 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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